Alternative Lending Channels and the Crisis in U.S. Housing Markets
研究了替代抵押贷款渠道（如只付利息和负摊销贷款）在美国住房市场繁荣与萧条中的作用，发现贷款合同条款比贷款渠道更能解释泡沫。
To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt‐A and subprime market shares are correlated with the housing bubble. This article expands the analysis to include the share of specific “alternative” lending terms and finds that the shares of interest‐only and negative amortization loans are important factors in explaining the housing bubble. This result suggests that research on the housing market bubble should focus on the impacts of loan contract terms rather than loan channel.